For the Channel Islands, one of the most important of the new pieces of EU financial services legislation is the Alternative Investment Fund Managers Directive (AIFMD). This was adopted by the Council in May 2011, but the responsibility for drafting the detailed rules – including on access by third countries – was remitted to the European Securities and Markets Authority (ESMA). ESMA initiated consultations on this. CIBO worked closely with the financial regulators, policy officials and industry representatives in Guernsey and Jersey, and fed in advice and information from its contacts with the Commission, European Parliament and others. Jersey and Guernsey then submitted formal responses to ESMA in September 2011 to influence the shape of the November proposals. These responses are published on the ESMA website.